Local home sales improve in September, but prices fall

The local resale housing market fared about the same in September as it has the past few months: Sales improved, but prices continued to fall, according to a Pikes Peak Association of Realtors report released Friday.

Home sales last month totaled 823, a 12.1 percent gain from September 2008, the association reported. It was the fourth straight month that year-over-year sales have increased and continues an upward trend that followed nearly three years of monthly sales declines.

Year to date, sales have totaled 6,556, down 2.1 percent from the first nine months of last year.

The median price of homes sold in September fell 5.1 percent to $189,900 when compared with the same month last year. Prices have fallen every month since July 2007.

The supply of homes for sale in September fell nearly 20 percent to 4,835; it was the fewest number of homes listed in any month since April 2006. Real estate experts have said housing  supplies need to fall if sales and prices are to rise.

The Realtors Association’s report reflects homes sales handled by its members, and don’t include homes sold by individual owners.

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